Iran proclaims world needs more of its oil after OPEC+ production cut
Iran’s minister of petroleum Javad Owji said the world needed more Iranian oil, and that his country was ready to play a role in providing it away from politics. He said, “We have always declared that we are ready to contribute to our role in the supply of oil and oil products and to improve energy security in the world by avoiding politicization of oil and the political use of energy”. Analysts predict that following a deal markets could be flooded with Iranian oil, providing competition to output from Gulf States and lowering prices. Iran has an estimated 100 million barrels of crude and condensate in storage that can be released almost immediately.